Why is this surprising – when targets’ values in the upturn will inevitably reflect the underlying growth, to which an acquiror has to add for the deal to generate value? Still, even if obvious, the point is not wrong – or am I missing something?    

More important is that an acquisition can safely offer a solid, deliverable route to enhance sustained long-term growth in free cash-flow – which rarely gets captured in these kinds of short- to medium-term assessments of M&A performance in any case. That’s a task for strategic management, not wheeler-dealing.